{
  "id": "moic",
  "version": "5541169a7aa5",
  "status": "published",
  "name": "MOIC Calculator",
  "question": "What is my MOIC?",
  "summary": "Computes the multiple on invested capital (MOIC, or TVPI for a fund) from the capital invested, the value already returned and the value still held, with its realized and unrealized parts.",
  "category": "finance",
  "subcategory": "investing",
  "url": "https://www.acalculator.org/finance/moic-calculator",
  "markdown": "https://www.acalculator.org/finance/moic-calculator.md",
  "kind": "function",
  "method": "MOIC = (realized value + unrealized value) ÷ invested capital = DPI + RVPI; yearly return = MOIC^(1 ÷ years) − 1.",
  "assumptions": [
    "Realized value is the cash already returned; unrealized value is what the holdings still held are worth today.",
    "MOIC ignores when the money went in and came out; the yearly return assumes one sum in at the start and all value at the end.",
    "Arithmetic is exact on the typed decimals; the yearly return uses a floating-point root."
  ],
  "inputs": {
    "$schema": "https://json-schema.org/draft/2020-12/schema",
    "type": "object",
    "properties": {
      "invested": {
        "title": "Invested capital (paid in)",
        "description": "All the money put in: the cost of the investment, or the capital a fund has called from its investors.",
        "type": "number",
        "x-unit": "USD",
        "exclusiveMinimum": 0,
        "maximum": 1000000000000000
      },
      "realized": {
        "title": "Realized value (distributions)",
        "description": "Cash already returned to you: sale proceeds, dividends and distributions.",
        "type": "number",
        "x-unit": "USD",
        "minimum": 0,
        "maximum": 1000000000000000
      },
      "unrealized": {
        "title": "Unrealized value (still held)",
        "description": "What the investments not yet sold are worth today: their net asset value or fair value.",
        "type": "number",
        "x-unit": "USD",
        "minimum": 0,
        "maximum": 1000000000000000
      },
      "years": {
        "title": "Years held (optional)",
        "description": "Years from the investment to today. Gives the yearly return if all the money went in at the start and all the value counts at the end.",
        "type": "number",
        "exclusiveMinimum": 0,
        "maximum": 100
      }
    }
  },
  "outputs": {
    "moic": {
      "label": "MOIC (TVPI)",
      "description": "(Realized value + unrealized value) ÷ invested capital, to 2 decimals.",
      "format": "number"
    },
    "total": {
      "label": "Total value",
      "description": "Realized value + unrealized value.",
      "format": "money"
    },
    "gain": {
      "label": "Gain or loss",
      "description": "Total value − invested capital.",
      "format": "money"
    },
    "dpi": {
      "label": "Realized multiple (DPI)",
      "description": "Realized value ÷ invested capital.",
      "format": "number"
    },
    "rvpi": {
      "label": "Unrealized multiple (RVPI)",
      "description": "Unrealized value ÷ invested capital.",
      "format": "number"
    },
    "annual": {
      "label": "Yearly return (one sum in, one value out)",
      "description": "MOIC^(1 ÷ years) − 1, as a percent: the compound yearly return over the years held.",
      "format": "percent"
    }
  },
  "defaultAnswer": {
    "inputs": {
      "invested": 10000000,
      "realized": 15000000,
      "unrealized": 10000000
    },
    "outputs": {
      "moic": 2.5,
      "total": 25000000,
      "gain": 15000000,
      "dpi": 1.5,
      "rvpi": 1
    },
    "text": "With $10,000,000.00 invested, $15,000,000.00 returned and $10,000,000.00 still held, the multiple on invested capital is 2.50x."
  },
  "examples": [
    {
      "given": {
        "invested": 10000000,
        "realized": 15000000,
        "unrealized": 10000000
      },
      "expect": {
        "moic": 2.5,
        "total": 25000000,
        "gain": 15000000,
        "dpi": 1.5,
        "rvpi": 1
      },
      "source": "U.S. Securities and Exchange Commission, Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews, Release No. IA-6383, 88 Fed. Reg. 63206 (Sept. 14, 2023), at 63313: MOIC is the net asset value of the investment plus all distributions received, divided by the total amount paid in. https://www.govinfo.gov/content/pkg/FR-2023-09-14/html/2023-18660.htm; hand calculation in content.mdx: (15,000,000 + 10,000,000) ÷ 10,000,000 = 2.5"
    },
    {
      "given": {
        "invested": 79.3,
        "realized": 224.59,
        "unrealized": 0,
        "years": 5
      },
      "expect": {
        "moic": 2.832156368221942,
        "annual": 23.146889176267297
      },
      "source": "OpenStax, Principles of Finance, 15.1 Risk and Return to an Individual Asset (holding period return; EAR = (1 + HPR)^m − 1; Facebook bought at $79.30 and sold at $224.59 five years later: 183.22%, 23.15% a year). https://openstax.org/books/principles-finance/pages/15-1-risk-and-return-to-an-individual-asset (OpenStax shows 183.22% and 23.15%); U.S. Securities and Exchange Commission, Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews, Release No. IA-6383, 88 Fed. Reg. 63206 (Sept. 14, 2023), at 63313: MOIC is the net asset value of the investment plus all distributions received, divided by the total amount paid in. https://www.govinfo.gov/content/pkg/FR-2023-09-14/html/2023-18660.htm; Python 3: 224.59 ÷ 79.30 = 2.83216, to the power 1 ÷ 5, minus 1 = 23.1469%"
    },
    {
      "given": {
        "invested": 1000000,
        "realized": 0,
        "unrealized": 2000000,
        "years": 5
      },
      "expect": {
        "moic": 2,
        "annual": 14.869835499703498
      },
      "source": "U.S. Securities and Exchange Commission, Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews, Release No. IA-6383, 88 Fed. Reg. 63206 (Sept. 14, 2023), at 63313: MOIC is the net asset value of the investment plus all distributions received, divided by the total amount paid in. https://www.govinfo.gov/content/pkg/FR-2023-09-14/html/2023-18660.htm; OpenStax, Principles of Finance, 15.1 Risk and Return to an Individual Asset (holding period return; EAR = (1 + HPR)^m − 1; Facebook bought at $79.30 and sold at $224.59 five years later: 183.22%, 23.15% a year). https://openstax.org/books/principles-finance/pages/15-1-risk-and-return-to-an-individual-asset; hand calculation in content.mdx: 2,000,000 ÷ 1,000,000 = 2; 2^(1 ÷ 5) − 1 = 14.87%"
    },
    {
      "given": {
        "invested": 500000,
        "realized": 100000,
        "unrealized": 250000
      },
      "expect": {
        "moic": 0.7,
        "gain": -150000,
        "dpi": 0.2,
        "rvpi": 0.5
      },
      "source": "U.S. Securities and Exchange Commission, Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews, Release No. IA-6383, 88 Fed. Reg. 63206 (Sept. 14, 2023), at 63313: MOIC is the net asset value of the investment plus all distributions received, divided by the total amount paid in. https://www.govinfo.gov/content/pkg/FR-2023-09-14/html/2023-18660.htm; hand calculation in content.mdx: (100,000 + 250,000) ÷ 500,000 = 0.7"
    }
  ],
  "sources": [
    "U.S. Securities and Exchange Commission, Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews, Release No. IA-6383, 88 Fed. Reg. 63206 (Sept. 14, 2023), page 63313: MOIC is the sum of the net asset value of the investment plus all the distributions received, divided by the total amount paid in, and unlike IRR it does not take the time value of money into account. https://www.govinfo.gov/content/pkg/FR-2023-09-14/html/2023-18660.htm (retrieved 2026-10-18; the rule itself was vacated by the Fifth Circuit in 2024, the definition is unchanged)",
    "OpenStax, Principles of Finance, 15.1 Risk and Return to an Individual Asset: holding period return and EAR = (1 + HPR)^m − 1, with Facebook bought at $79.30 and sold at $224.59 five years later (183.22%, 23.15% a year). https://openstax.org/books/principles-finance/pages/15-1-risk-and-return-to-an-individual-asset (retrieved 2026-10-18)"
  ],
  "related": [
    "irr",
    "roi",
    "cagr",
    "nav"
  ],
  "changelog": []
}